With campaign figures showing that George Bush raised a record $130m (£74m) last year for his re-election bid, the president moved yesterday to woo America's fast growing Hispanic community by proposing a guest worker programme which would legalise the status of millions of illegal immigrants.

Mr Bush's re-election campaign announced yesterday that he had broken his own record of $100m in the 2000 election by raising more than $130m in 2003 - including $47m in the past three months - dwarfing the $40m raised by the Democratic frontunner, Howard Dean.

Meanwhile, in a speech at the White House, Mr Bush unveiled a plan which would allow illegal immigrants to seek legal status as guest workers who come to the US for three years. The programme would also be open to people outside the US, provided they have a job offer.

As many as 5 million of the 8-11 million illegal immigrants in the US are believed to be from Mexico and Mr Bush's plan was aimed at the Hispanic population, America's fastest growing community.

In addition, Mr Bush pro posed increasing the number of green cards, or legal immigrant visas, but said the guest worker visas would not automatically lead to green cards or US citizenship.

He said the changes were born from compassion, and that the US's immigration system was broken.

Business leaders have long supported opening up the country to foreign workers willing to work for lower wages than Americans.

"Out of common sense and fairness, our laws should allow willing workers to enter our country and fill jobs that Americans are not filling," Mr Bush said in a speech to members of Congress, the cabinet and immigrant advocacy groups.

However, Raul Yzaguirre, president of the National Council of La Raza, one of America's main Hispanic advocacy group, said it exposed illegal immigrants to a greater risk of deportation.

"You're asking people to come forward ... and expose themselves to deportation after a period of time," Mr Yzaguirre told CNN

Such criticism is unlikely to stop Mr Bush, who enjoys an approval rating of 60%, or disrupt the juggernaut of his campaign finance machine.